From there bids went up by increments between $50,000 and $5,000. After 26 bids, the property sold to a local buyer for $2,620,000 — $520,000 above the reserve.

The deceased estate had been under the same ownership for more than 50 years.Source:Supplied

Area guide: Lower North Shore1:32

Area guide: Lower North Shore

August 24th 2018

7 months ago

/display/newscorpaustralia.com/Web/NewsNetwork/REA - Real Estate/

No. 3 Thrupp St was just one of 20 properties to sell prior to or at auction on the lower north shore on the weekend. This translated to an 86.96 per cent clearance rate — 24.94 per cent above Sydney’s 62.02 per cent rate.

David Buttel, of Raine and Horne Neutral Bay, said not all of the registered bidders ended up taking part.

“The opening bid really took the wind out of a number of interested parties,” he said.

Over the campaign, 45 contracts were issued and more than 220 groups attended an inspection.

“From the beginning we had a great campaign with a realistic vendor,” he said.

It had three bedrooms and was popular with a mix bag of buyers.Source:Supplied

The property even had a secret garden.Source:Supplied

Interest came from young families and couples, people looking to redevelop the block and others looking to use it as an investment property for the time being, which is what the buyer plans to do.

Mr Buttel said the secret to the result was rather simple — go to auction.

“While many buyers wanted to snap it up prior, we were reluctant to go prior, as in some instances like this, it pays to have an open auction process and it delivered,” he said.

The Thrupp St home had been under the same ownership for more than 50 years.